NORWAY - The NOK6.1bn (GBP594m) Telenor Pensjonskasse has abandoned all its fund of hedge funds (FoHF) investments worth around NOK122m (GBP12m) and invested in a new energy hedge fund instead.
"We have sold two Storebrand funds and one from DnB NOR Asset Management," Investment Manager Tom Jarnreid said, adding the scheme had instead invested in an undisclosed energy hedge fund.
For the moment, the pension scheme has said it is not interested in any FoHF products and plans to "wait and see" how the financial markets develop this year.
"We are definitely not investing in fund of funds in the next few years," confirmed Jarnreid.
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